The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: June 30-July 4.

Prime Minister nominee Kim Min-seok (center, back row) receives congratulations from the ruling Democratic Party acting leader and floor leader Kim Byung-kee (left) after the National Assembly passed his confirmation motion on July 3. /Yonhap

National Assembly approves Kim Min-seok as prime minister

South Korea’s National Assembly approved Kim Min-seok as the country’s new prime minister on July 3, with opposition lawmakers from the People Power Party boycotting the vote after demanding that the nomination be withdrawn or that Kim step down. Only lawmakers from the pro-government bloc—including the ruling Democratic Party, the Rebuilding Korea Party, and the Progressive Party—participated in the session. In a secret ballot, 173 out of 179 lawmakers present voted in favor, with three opposing and three ballots deemed invalid. The confirmation came 29 days after President Lee Jae-myung nominated Kim on June 4. Kim will formally assume office once President Lee signs off on the appointment. Speaking to reporters following the vote, Kim pledged to “serve the will of the people as if it were the heavens, translate the president’s direction into action on the ground, and incorporate the wisdom of lawmakers from both sides of the aisle into governance.” He added that his top priority would be “overcoming the economic crisis caused by the forces of tyranny.” “As the president’s chief aide, I intend to be a prime minister who rises early, thinks ahead, and takes initiative,” he said. “We will usher in an era of a great people, a great government, and a great president.”

View related articles

Rubio cancels South Korea visit at last minute, prompting diplomatic questions

U.S. Secretary of State Marco Rubio has canceled his planned visit to South Korea next week, marking the first time a senior American official has called off a trip to Seoul since President Lee Jae-myung took office earlier this year. Rubio had been scheduled to arrive on July 8 or 9 for talks with President Lee, and the two governments had been coordinating the visit. However, on July 3—July 2 in Washington—just five days ahead of the planned arrival, the U.S. Department of State notified South Korean officials that the trip would not go ahead, citing “domestic developments,” according to sources familiar with the matter. In a brief statement, the presidential office confirmed the postponement, saying the two countries had “been discussing the possibility of Secretary Rubio’s visit,” but that “due to internal U.S. circumstances, the trip will not happen in the near future.” The statement added that Seoul and Washington would “continue close consultations on high-level exchanges.” Rubio is still expected to attend the ASEAN Regional Forum (ARF) foreign ministers’ meeting in Kuala Lumpur on July 10, as originally scheduled.

View related articles

Seoul starts process to sell publicly held shares in Nexon’s parent company

The South Korean government has officially launched the sale process for a major stake in NXC Corp., the holding company of gaming giant Nexon. The shares were transferred to the state last year by the family of the company’s late founder, Kim Jung-ju, as an in-kind payment for inheritance taxes. According to investment banking sources on July 1, the Korea Asset Management Corp. (KAMCO), which operates under the Ministry of Economy and Finance, has begun the divestment process. IBK Investment & Securities, the lead manager of the sale, has initiated preliminary marketing by circulating teasers to prospective investors. Parties interested in the offering are required to sign a non-disclosure agreement to access the full investment memorandum. Preliminary bids are due by Aug. 25. The offering includes 851,968 shares—representing a 30.6% stake in NXC—which the government acquired in May 2023. While the sale is currently being pursued as a block deal, officials have indicated the structure may be adjusted, including a potential split of the stake, depending on market conditions. NXC is the parent company of the Nexon Group and holds Nexon Japan—listed on the Tokyo Stock Exchange—as a direct subsidiary, with Nexon Korea operating as a second-tier subsidiary.

View related articles

Krafton's Yeoksam office /Courtesy of Krafton

Krafton acquires Japan’s ADK Group parent in $510m deal

South Korean game developer Krafton has acquired full ownership of BCJ-31 Co., Ltd., the parent company of Japan’s ADK Group—one of the country’s top three integrated advertising agencies—for 75 billion yen (approximately 700 billion won or $512 million). The deal was finalized on June 24. ADK, which specializes in content planning, production, advertising, and marketing, reported an annual transaction volume of 348 billion yen last year. With the acquisition, ADK’s financial results will now be consolidated into Krafton’s earnings. A Krafton spokesperson said the company’s immediate priority is to support ADK in focusing on its core business operations. Industry analysts suggest the move could open the door for Krafton to convert its game intellectual property (IP) into animated content through ADK, creating new pathways for global expansion beyond the Japanese market. Krafton noted that it is “seeking new opportunities to expand its game-centric intellectual property by establishing a foothold in the rapidly growing global animation market.” The company added that the acquisition is part of a long-term strategy to reinforce its presence in Japan’s content and media industry, while broadening collaboration between games and animation—such as producing animated series based on Krafton IP or developing games inspired by Japanese animation franchises.

View related articles

KOSPI tops 3,100 as foreign, institutional investors offset retail outflows

Despite continued sell-offs by retail investors, strong buying by foreign and institutional investors kept the Korea Composite Stock Price Index (KOSPI) trading above the 3,100 level on July 3. The tech-heavy Kosdaq index was also up more than 1 percent. As of 12:04 p.m., the KOSPI had climbed 28.20 points, or 0.92 percent, to 3,103.26. The index opened at 3,100.33, up 25.27 points, or 0.82 percent, from the previous session. Retail investors offloaded 483.2 billion won in shares, while foreign investors purchased 260.8 billion won and institutional investors added 201.4 billion won. Analysts attribute the market’s continued rally to a series of positive developments at home and abroad. On the international front, the United States and Vietnam reached a tariff agreement the previous day. Domestically, the National Assembly passed an amendment to the Commercial Act earlier in the day. Meanwhile, marking one month since taking office, President Lee Jae-myung once again referenced his ambition to usher in a “KOSPI 5000 era.”

View related articles

South Korean lawmakers pass bipartisan amendment to Commercial Act

The ruling and opposition parties on July 3 passed an amendment to the Commercial Act aimed at enhancing transparency in capital markets and strengthening protections for minority shareholders. The bipartisan agreement, reached in a rare show of cooperation, includes provisions to broaden directors’ fiduciary duty from serving solely the company to also including its shareholders. It also expands the so-called “3% rule,” which limits large shareholders’ voting rights in appointing audit committee members, mandates electronic shareholder meetings, and transitions outside directors into fully independent board members. The amendment is seen as the first major bipartisan legislation under President Lee Jae-myung’s administration. It revives a bill that was previously scrapped during the administration of former President Yoon Suk-yeol after he exercised his presidential veto. The breakthrough comes as the Korea Composite Stock Price Index (KOSPI) has climbed back above the 3,000 mark for the first time in three and a half years, injecting new momentum into the stock market. With some 14 million retail investors nationwide, analysts say the political consensus reflects an acute awareness of shareholder sentiment in the wake of the market’s resurgence. The bill was introduced and passed in the afternoon plenary session of the National Assembly, with 220 votes in favor, 29 against, and 23 abstentions out of 272 lawmakers present.

View related articles

Kpop Demon Hunters sparks global frenzy, lands Billboard chart debuts

The Netflix animated film Kpop Demon Hunters is fueling a cultural sensation in South Korea and across the globe. As of July 2, the film ranked No. 1 worldwide in Netflix’s film category. Tracks from the film’s original soundtrack have surged in popularity, competing directly with new releases by real-world artists on major global music charts. Related merchandise, especially items featuring Korean cultural motifs showcased in the film, is seeing brisk sales. On July 1 (local time), Billboard released its latest Hot 100 chart, featuring multiple songs from the Kpop Demon Hunters soundtrack. “Your Idol,” performed by the fictional demonic boy band Saja Boys, debuted at No. 77, while “Golden,” sung by girl group HUNTRX—led by the film’s protagonist Rumi—entered at No. 81. In a twist of irony, Saja Boys charted higher despite being exorcised by HUNTRX in the film’s storyline. The soundtrack album also made a strong debut on the Billboard 200, landing at No. 8. It marks the first original soundtrack released this year to break into the top 10. Industry observers say the film is already generating buzz for a potential nomination for Best Original Song at next year’s Academy Awards.

View related articles

The popular tiger character Derpy (left) and main character Rumi from the film KPop Demon Hunters. Derpy’s playful appearance was inspired by traditional Korean folk paintings of tigers (minhwa). /Courtesy of Netflix

One minute, that’s all it takes to know about Korea. Click here ☞ https://page.stibee.com/subscriptions/305897